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NEW YORK, NY --(Marketwired - February 02, 2016) - iFunding, America's largest commercial real estate crowdfunding platform, has just closed preferred equity financing for the construction of a 118-unit multifamily building, Eviva Midtown, in the Midtown District of downtown Sacramento, CA. The total project cost is $41 million.
iFunding investors funded the investment in just 11 days after the onset of fundraising. iFunding's sponsor for this project is Integral Group, a national real estate development and investment firm based in Atlanta, Georgia. The Integral Group and its principals have developed $5 billion in real estate assets over the past 25 years. They are a vertically integrated investment and development firm including acquisition, development, asset management, investment management and construction management. Integral's current focus is on high growth urban markets including San Francisco, Atlanta, Denver, Sacramento, New York, and Texas.
Through iFunding's real estate crowdfunding portal, accredited investors contributed $3 million of preferred equity to the project. The project offers a projected annualized return of 20% to iFunding investors, 23.15% cash-on-cash return at stabilization, monthly returns, and an estimated term of 18-24 months. The investment was offered in twenty thousand dollar shares.
"Integral is excited to have worked with iFunding on EVIVA Midtown. The iFunding team asked the right questions and worked diligently to insure a smooth transaction," said Christopher Martorella, President of Integral Commercial Real Estate. Integral is led by Egbert Perry, CEO and Chairman of the firm and a highly respected pillar of the Atlanta community. In addition to his leadership at Integral, Mr. Perry currently serves as Chairman of the Board of Fannie Mae and has served on Fannie Mae's Board since 2008.
"iFunding is pleased to bring a developer to the table with such a high rapport in the real estate community," William Skelley, iFunding Founder and CEO states. "iFunding strives to bring the best deals with seasoned developers to the platform. We are excited that this deal funded so quickly, and expect this to be a trend for upcoming deals with iFunding in 2016."
iFunding is operated nationally in the United States offering real estate investment opportunities to accredited investors in debt and equity deals through their online platform. Accredited investors who are interested in viewing commercial real estate investment opportunities can learn more by signing up here.
iFunding is a leading real estate crowdfunding platform, facilitating debt and preferred equity fundraising for properties range from multi-family residences and condominium estates, to apartment towers, hotels and resorts, single-family homes, retail locations, malls, offices, mixed-use buildings, and more. iFunding provides opportunities for accredited investors to invest in institutional-quality real estate deals, with a minimum investment of just $5,000. The company oversees deals throughout their lifespan, providing extensive information and transparency to give investors insight and oversight into their investments. It also generates financing for multi-project funds, and partners with family offices to co-fund opportunities with its individual investors. We offer flexible financing terms to real estate developers. Visit http://www.ifunding.co for more information, or connect with us on LinkedIn at http://www.linkedin.com/company/innovational-funding, on Facebook at http://www.facebook.com/iFunding , or via @inno_funding on Twitter. The phone number for investor and operator inquiries is 844-367-4386.